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Technological Growth and Hours in the Long Run : Theory and Evidence

Reif, Magnus; Tesfaselassie, Mewael F.; Wolters, Maik H. - 2021

Over the last decades, hours worked per capita have declined substantially in many OECD economies. Using a neoclassical growth model with endogenous work-leisure choice, we assess the role of trend growth slowdown in accounting for the decline in hours worked. In the model, a permanent reduction...

Persistent link: https://www.econbiz.de/10013222213

Automation, Economic Growth, and the Labor Share - A Comment on Prettner (2019)

Heer, Burkhard - 2019

Prettner (2019) studies the implications of automation for economic growth and the labor share in a variant of the Solow-Swan model. The aggregate production function allows for two types of capital, traditional and automation capital. Traditional capital and labor are imperfect substitutes...

Persistent link: https://www.econbiz.de/10012866317

The Diffusion of Technological Progress in ICT

Elstner, Steffen; Grimme, Christian; Kecht, Valentin; … - 2021

We study whether technology gains in sectors related to Information and Communications Technology (ICT) increase productivity in the rest of the economy. To separate exogenous gains in ICT from other technological progress, we use the relative price of ICT goods and services in a structural VAR...

Persistent link: https://www.econbiz.de/10013314751

Optimal Taxation of Robots

Thuemmel, Uwe - 2019

generates small welfare gains. As the price of robots falls, inequality rises but the robot tax and its welfare impact become … complement non-routine labor. I show that while it is optimal to distort robot adoption, robots may be either taxed or subsidized …-tax distortions of labor supply, thereby raising welfare. In the calibrated model, the optimal robot tax for the US is positive and …

Persistent link: https://www.econbiz.de/10012892266

Institutions, Holdup and Automation

Presidente, Giorgio - 2019

This paper documents a positive relationship between labor-friendly institutions and investment in industrial robots in …. The relationship between institutions and robots is stronger in sunk cost-intensive industries, where producers are more …

Persistent link: https://www.econbiz.de/10012861437

Monetary Policy Interactions : The Policy Rate, Asset Purchases, and Optimal Policy with an Interest Rate Peg

Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023

a fixed policy rate. This policy induces similar welfare losses relative to dual-instrument policy as inflation …

Persistent link: https://www.econbiz.de/10014357043

Behavioral New Keynesian Models : Learning vs. Cognitive Discounting

Meggiorini, Greta; Milani, Fabio - 2021

This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...

Persistent link: https://www.econbiz.de/10013229788

Designing the Policy Mix in a Monetary Union

Kempf, Hubert - 2020

This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...

Persistent link: https://www.econbiz.de/10012832189

Redistribution and the Monetary-Fiscal Policy Mix

Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2021

We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly …

Persistent link: https://www.econbiz.de/10013314763

Resource Windfalls, Macroeconmic Stability and Growth: The Role of Political Institutions

Arezki, Rabah; Hamilton, Kirk; Kazimov, Kazim - 2011

We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government...

Persistent link: https://www.econbiz.de/10010280640